Short sales are never easy. Over the years of doing short sales for homeowners, I have learned that there are certain qualities that one must develop in order to survive the rigor and stress of going into short sales from start to finish. The learnings gained not only helped make me a better short sale professional, but also shaped my disposition in meeting day to day challenges.
If you lose patience, you lose. The idea is to hang in there as long as you can and stay focused on your goal. Even when the lender is slow to response, even when there is no call back from the negotiator, even when the documents keep getting lost in transit - remain calm. Things do fall into place sooner or later.
Preparation pays off. A complete document set will get you to the next step. Even lenders emphasize this. If you can't submit a complete package, don't submit it. It will just go to the bottom of the pile and you'll miss your 5-minute chance to be reviewed.
Pay attention to details. Know your numbers. The debt-ratio is the single most important number the bank will look at. If the income and expenses don't make sense, so will the ratios.
Expect the unexpected. It does not surprise me anymore that the lender will make demands that could push the buyer out of the game. HOA delinquencies, 2nd loan payoffs that are higher than what the 1st lender has approved - the buyer could end up shouldering these, so brace yourself...tight!
Time is never on your side. Once you receive the much-awaited approval letter, you realize you have very little time to close this deal. And you learn to cope with the little time that you have. You call on everybody's support, put the biggest pressure on the loan officer, and just make it happen!
Aren't we all survivors in this business!
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